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>> food stamps are not expected to be contributing to our long-term death of deficit. neil: the amount of money that we are committing, and the top that we are talking about, you're right about the improvement and things will snap back into place when the economy and the recovery snaps back into place. but right now it is untenable. >> in terms of relaxing standards, some of this is -- for example, someone wwill have toualify for work in order to get this. that seems like a good policy to me. >> i agree with that, but there's a lot of pride fraud in the program and that is indisputable. and the people on both sides have their own opinions. let me finish. you will from both sides want to help the poor out. everyone wants to help the poor out. help them, give them a job. the problem is there is abuse of the system that is being underreported and understated by the democrats who are basically saying that it's nonexistent. i totally disagree with that. >> the studies say that the fraud rate is very low. >> it is misreported. >> it's not just for families. >> yes, it is. th
>> food stamps are not expected to be contributing to our long-term death of deficit. neil: the amount of money that we are committing, and the top that we are talking about, you're right about the improvement and things will snap back into place when the economy and the recovery snaps back into place. but right now it is untenable. >> in terms of relaxing standards, some of this is -- for example, someone wwill have toualify for work in order to get this. that seems like a good...
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Dec 6, 2013
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however, there's very little long-term deficit reduction in this deal. we're talking about putting off decisions about raising taxes or cutting medicare and social security. we also have a last-minute hangup over unemployment benefits, the extension of unemployment benefits. democrats want that, republicans say they're not that serious about it, it's not clear whether or not democrats are going to put their foot down and say no deal until then. what i think we know is that there will not be a deal today. house leadership aide told me he expects early next week a deal to be announced by patty murray, the democratic chair of the budget committee in the senate. paul ryan, the republican budget committee chair in the house. then the house and senate pass it before christmas. they leave next week actually for their christmas break. so they would end the year on a positive note. it would dramatically reduce the risk of a government shutdown in january and does not resolve our long-term budget issues. >> does it resolve the debt ceiling deadline which is some t
however, there's very little long-term deficit reduction in this deal. we're talking about putting off decisions about raising taxes or cutting medicare and social security. we also have a last-minute hangup over unemployment benefits, the extension of unemployment benefits. democrats want that, republicans say they're not that serious about it, it's not clear whether or not democrats are going to put their foot down and say no deal until then. what i think we know is that there will not be a...
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i would put the emphasis down to get the trade deficit close closer to balance. liz: you think the weaker dollar is better. exports looked not certainly so bad. exports were up. people are buying our good overseas. >> well, it was some improvement but we actually revised down the previous numbers, previous month ace numbers. so it wasn't much of an improvement. we have a ways to go. we have a deficit of 500 billion. maybe we're moving in the right direction but if so, very slowly. we have to pick up that pace. liz: precursor to the government's jobs number report, adp, came out yesterday. look better than expected, 218,000 jobs created what are you expecting from the labor department tomorrow? >> i will be a pessimist, 141, 50. last month was strong numbers. strong growth in retail employment. very strong growth, manufacturing construction. i think latter two were a mom lace. the -- anomalies. think people are doing earlier than normal hiring, christmas hiring. a lot of hiring that would normally take place in november took place in october. i think i ace weak st
i would put the emphasis down to get the trade deficit close closer to balance. liz: you think the weaker dollar is better. exports looked not certainly so bad. exports were up. people are buying our good overseas. >> well, it was some improvement but we actually revised down the previous numbers, previous month ace numbers. so it wasn't much of an improvement. we have a ways to go. we have a deficit of 500 billion. maybe we're moving in the right direction but if so, very slowly. we have...
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liz: the trade deficit narrowing as exports hit a record high. picking up in global demand that could help boost american growth in the fourth quarter. david: and falling of the fda revealed the company recalling 1400 robotic surgery systems because of concerns the devices could stall and that was bad news for the stock. "after the bell" starts right now. liz: i could say this was massive action but if you're just tuning in and look these numbers are not that great, we were way lower but also way higher. let's break down the market action. portfolio manager who doesn't expect to taper anytime soon despite the strong adp report. what it means for your investment and todd horvitz. what interesting market behavior today, as we went into the 3:00 p.m. eastern show we had crossed the flatlined, so tough to find direction. >> it was like a big soap opera today. they laughed, they cried, they took them down, they took them up. closed around the flatlined. the market is very volatile, everybodeverybody's pointing toy jobs number. all the other news, real
liz: the trade deficit narrowing as exports hit a record high. picking up in global demand that could help boost american growth in the fourth quarter. david: and falling of the fda revealed the company recalling 1400 robotic surgery systems because of concerns the devices could stall and that was bad news for the stock. "after the bell" starts right now. liz: i could say this was massive action but if you're just tuning in and look these numbers are not that great, we were way lower...
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Dec 5, 2013
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we've got the deficit cut, we've got public spending finally coming down. as you've said, the budget surplus on the horizon, that's big news. he will say austerity and balancing the books needs to be central to the government's policy going forward. now, whether that's pushing out the pensionable age or a further squeeze on public spending, some of that detail is going to be heard, it's going to be changes to energy prices, it's going to be changes to possibly some of their corporation tax, a freeze on business rates, but essentially it's going to away fiscally neutral budget with a tone saying tax cuts, they may kot come in the future, but not until we've secured recovery. we will have, however, gdp revisions up towards. the uk economy is booming. some experts are saying that the uk could be the most successful economy within the fw7 nations by the end of the year. with us here to discuss that further is steve radially, director of policy at trade manufacturing body eef. steve, finally, do we have a balanced recovery in the uk? we had positive manufacturin
we've got the deficit cut, we've got public spending finally coming down. as you've said, the budget surplus on the horizon, that's big news. he will say austerity and balancing the books needs to be central to the government's policy going forward. now, whether that's pushing out the pensionable age or a further squeeze on public spending, some of that detail is going to be heard, it's going to be changes to energy prices, it's going to be changes to possibly some of their corporation tax, a...
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Dec 7, 2013
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. >> a relentlessly growing deficit of opportunity is a bigger threat to our future than our rapidly shrinking fiscal deficit. >> the president on wednesday speaking at the center for american progress. he talked about invoking the fast food workers, liberal economists writing in the new york times responded by writing finally our political class has spent years obsessed which a fake problem worrying about debt and deficits that never pose a threat to the nation's future, showing no interest in stag nateing wages. mr. obama i'm sorry to say bought into that diversion. now, however, he is moving on. isaac, do you share that reading that paul had, two, three years ago, everybody in washington was old souls on a deficit reduction including the president, himself, now even president obama is showing publicly an inclination to show that warren style populism. >> i think the rhetoric has changed. just to go back to the last seg him, jonathan was saying the tea party has people in washington. there is elizabeth warren. i think if it's going to come, it's going to to him in the next few year
. >> a relentlessly growing deficit of opportunity is a bigger threat to our future than our rapidly shrinking fiscal deficit. >> the president on wednesday speaking at the center for american progress. he talked about invoking the fast food workers, liberal economists writing in the new york times responded by writing finally our political class has spent years obsessed which a fake problem worrying about debt and deficits that never pose a threat to the nation's future, showing no...
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Dec 2, 2013
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it was the highest deficit in history. when i asked him about tapering, he said anything that's good for the u.s. economy is necessarily going to be good for the israeli economy. they're the largest trading partner with israel and the e.u. is second. the conciliatory tone is one that we heard him talking about tehran. we're hearing it from the gulf states as well. you have the gulf arabs as well as the israelis, they're kicking at the traces but in the end they realize they're still pulling the same cart, which is the cart of the u.s. foreign policy so they have to get on board at some point. later this week in bahrain, foreign ministers from the united states, from the u.k., gulf states, egypt will be meeting and sitting down. they invited their iranian counterpart as well. we can learn more about how this agreement is going to play out. >> yeah. so we'll have to see how that plans out, hadley. another follow-up. cutting things, that's interesting when we're wondering what was going to happen with iran. >> exactly. he gav
it was the highest deficit in history. when i asked him about tapering, he said anything that's good for the u.s. economy is necessarily going to be good for the israeli economy. they're the largest trading partner with israel and the e.u. is second. the conciliatory tone is one that we heard him talking about tehran. we're hearing it from the gulf states as well. you have the gulf arabs as well as the israelis, they're kicking at the traces but in the end they realize they're still pulling the...
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Dec 9, 2013
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the deal would do nothing to significantly reduce the deficit. nor does it raise taxes nor reform entitlement programs like medicare and social security. democrats say it's not a deal breaker if it's not done by january. they could target about $65 billion in alternative policies. the spirited bipartisan may exist elsewhere on capitol hill as well. last week lawmakers said they've made progress towards passing the first new five-year farm bill since 2008. they've yet to agree on the most politically sensitive topic though, how much to trim from the u.s. food stamps program. house republicans want to cut spending by 40 billion while senate democrats have agreed to trim 4 billion. that's what we're watching in washington next week. >> not much of a gap between 40 and 4. thanks for that, mary. >>> joining us for more is morris reid managing director tina fordham is still in the studio. morris, thank you for joining us. are we going to get an agreement this week on something? >> i think so. there's a lot of pressure on congress from the business comm
the deal would do nothing to significantly reduce the deficit. nor does it raise taxes nor reform entitlement programs like medicare and social security. democrats say it's not a deal breaker if it's not done by january. they could target about $65 billion in alternative policies. the spirited bipartisan may exist elsewhere on capitol hill as well. last week lawmakers said they've made progress towards passing the first new five-year farm bill since 2008. they've yet to agree on the most...
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Dec 6, 2013
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they have a big current account deficit. if and when we see a beg effect on tapering, we may see them suffer. >> violence with the mines. this is a nation that has a lot of questions open. >> absolutely. he didn't solve everything but certainly i think things could have been far worse. >> and also the metamorphosis just as gorbachev was changing the world as well. >> he shifted in four years. the castro bothers, 50 years, they still haven't. >> it's nice seeing you down here. >> you, too. >> as massive ice storm is moving across the country bringing freezing rain, snow, sleet and jim cantore joins us. >> reporter: thank you very much. normally in the east the sun comes back up and it warms up and everything melts. unfortunately it's only going to get colder. this morning we started out at 30 degrees and now it's all frozen and the same this evening is happening on the road. you'll notice the cake and the glaze, you have to pry this off. the salt and sand trucks are dealing with the main there owe fair -- thoroughfares. but m
they have a big current account deficit. if and when we see a beg effect on tapering, we may see them suffer. >> violence with the mines. this is a nation that has a lot of questions open. >> absolutely. he didn't solve everything but certainly i think things could have been far worse. >> and also the metamorphosis just as gorbachev was changing the world as well. >> he shifted in four years. the castro bothers, 50 years, they still haven't. >> it's nice seeing you...
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Dec 4, 2013
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fiscal deficit. [ applause ] >> so that's step one towards restoring mobility. making sure our economy is growing faster. step two is making sure we empower more americans with the skills and education they need to compete in a highly competitive global economy. we know that education is the most important predictor of income today. so we launched a race to the top in our schools. we're supporting states that have raised standards for teaching and learning, we're pushing for redesigned high schools that graduate kids with in demand high-tech skills. we know it's harder to find a job today without some higher education, so we have helped more students go to college with grants and loans that go father than before. we have made it more practical to repay those loans. we're also pursuing an aggressive strategy to promote innovation that reigns in tuition costs. we have got to lower costs so that young people are not burdened by enormous debt when they make the right decision to get higher education. and next week michelle and i will bring together college president
fiscal deficit. [ applause ] >> so that's step one towards restoring mobility. making sure our economy is growing faster. step two is making sure we empower more americans with the skills and education they need to compete in a highly competitive global economy. we know that education is the most important predictor of income today. so we launched a race to the top in our schools. we're supporting states that have raised standards for teaching and learning, we're pushing for redesigned...
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Dec 10, 2013
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i'm getting more deficit reduction. so the deficit will go down more by passing this than if we did nothing. that's point you number one. point number two, there are no tax increases here. point number try, we're finally starting to deal with auto pilot spending, that mandatory spending that has not been addressed by congress for years. look, this isn't easy. >> so congressman, democrats are giving up some stuff in this. is paul ryan wrong that what are you getting is not enough to push you over the edge with this bill? >> we are a little disadvantaged, we haven't seen the full details. but as i understand it, spending will be up higher. but this isn't an unprecedented deal. this happened in december 2011 and it happened last december as well. every time there's some bipartisan agreement, there's more spending in washington. they did the same thing each december, and i think at the end of the day as was indicated by senator rubio, this doesn't get to the heart of the problem which is spending. moving it a few dollars is
i'm getting more deficit reduction. so the deficit will go down more by passing this than if we did nothing. that's point you number one. point number two, there are no tax increases here. point number try, we're finally starting to deal with auto pilot spending, that mandatory spending that has not been addressed by congress for years. look, this isn't easy. >> so congressman, democrats are giving up some stuff in this. is paul ryan wrong that what are you getting is not enough to push...
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Dec 10, 2013
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the deficit is going to come down because outlays are frozen and receipts look pretty good. the bigger story is that all this confusion in the markets and corporate america, among investors over fiscal policy, i think, now gets eliminated for a nice stretch, maybe a year and a half, without everyone having to worry about a shutdown or a debt ceiling crisis. that's a good story. >> yeah, that is a good story. is this deal going to get through the house easily? what's going to happen with the tea party members? >> nothing gets through the house easily. it will be a tough one, ross, as we get through thursday and friday. there will be a lot of tea party members .some democrats who don't like another hit on federal employees who can balk. but i think the majority, which will be boehner and the republican leadership with pelosi and most democrats, that coalition that we've seen a couple of times already this year, i think, will prevail on friday and we'll get a deal. >> okay. which as you say would take pressure away from us heading into 2014. does that take away one other potent
the deficit is going to come down because outlays are frozen and receipts look pretty good. the bigger story is that all this confusion in the markets and corporate america, among investors over fiscal policy, i think, now gets eliminated for a nice stretch, maybe a year and a half, without everyone having to worry about a shutdown or a debt ceiling crisis. that's a good story. >> yeah, that is a good story. is this deal going to get through the house easily? what's going to happen with...
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has been borrowing money and using deficit financing for years. this is not a bankruptcy like jefferson county, alabama which is a single transaction. this is a city that is structurally solvent meaning it spends more than has coming in and accumulated debt that it can't pay back. connell: this portion of it jeff was referencing, refused to go farther than people thought with regard to pensioners. they get no more favorable standing than other creditors do. jeff says that could have implications for other places. >> it could have implications but those places have to be in bankruptcy. at this point you have two dozen states where state court rulings or constitutions protect pensions, not only what you already earned but anything you might turn going forward which is far greater protection than anyone has in the private sector.% so you still have to be in bankruptcy for this to apply and right now we don't have a lot of cities tumbling into bankruptcy. dagen: will it encourage them and push municipalities toward this? >> it is a very interesting su
has been borrowing money and using deficit financing for years. this is not a bankruptcy like jefferson county, alabama which is a single transaction. this is a city that is structurally solvent meaning it spends more than has coming in and accumulated debt that it can't pay back. connell: this portion of it jeff was referencing, refused to go farther than people thought with regard to pensioners. they get no more favorable standing than other creditors do. jeff says that could have...
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Dec 8, 2013
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. >> there is a fundamental difference between short-term deficits and an structural deficits. the short-term deficits largely were inherited by the rock obama -- barack obama and we need to understand its short-term deficits are understandable because we are in a recession and we have to undeclared wars and a number of bailouts and unemployment is very high. so he made it very clear that he wants to try to take the steps to try to get the economy going on in consistent basis and bring unemployment down. he is going to propose a number of tax cuts or tax preferences as well as spending increases to try to do that and that may exacerbate the short-term but then he pivoted which i think is important to talk about the structural deficit. and that is what threatens the state. it's not the ice that is above the water. it's the ice that is below the water. it's not the debt on the balance sheet, it is what is off the balance sheet that disrupts the future and he talked about three things, he talked about freezing a portion of discretionary spending, less than 20% of the federal budge
. >> there is a fundamental difference between short-term deficits and an structural deficits. the short-term deficits largely were inherited by the rock obama -- barack obama and we need to understand its short-term deficits are understandable because we are in a recession and we have to undeclared wars and a number of bailouts and unemployment is very high. so he made it very clear that he wants to try to take the steps to try to get the economy going on in consistent basis and bring...
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Dec 9, 2013
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but to end the deficit we need growth. economic growth. that's why we had surpluses at the end of the clinton administration, because we had growth. part of the reason the deficit is likely to come down the future to some degree is because the economy looks better over the longer term than we thought it was going to be. but you still have to make these tough political decisions. if the president had early on taken the bull sense proposal which is deficit reduction group that he had appointed and headed from the state of the union message okay they've given us this proposal. congress, go to work on it and get me a budget by july, six months from now. early in his career as president it might have changed the paradigm. >> one thing that was in the congressional in-box, you're going to tell us, may not be there any more. have they come to an agreement on the military appropriations. >> they have the national defense authorization has come an agreement. they announced they're going to fast track it to get it done before the house leaves at the
but to end the deficit we need growth. economic growth. that's why we had surpluses at the end of the clinton administration, because we had growth. part of the reason the deficit is likely to come down the future to some degree is because the economy looks better over the longer term than we thought it was going to be. but you still have to make these tough political decisions. if the president had early on taken the bull sense proposal which is deficit reduction group that he had appointed...
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Dec 6, 2013
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account deficits even when commodity prices were at their peak. and it's pretty clear that chinese growth is growing. it shifted away from the heavy commodities driven industries. there's a lot of investment over the last couple of years, pushing up gdp, and they're all looking to find a way to replace the stimulus that they've had from that commodities sector, from its growth, and that's going to be hard to find. weakening the currency is the most obvious path to follow and they're all doing it. i think in g-10 it's done as a o policy tool. >> traders on g-10 today with the u.s. nonfarm payrolls coming out, steven england, i'm going to ask you about that in just a bit. >>> now we're shaping up in equity markets, ahead of that all-important jobs number out of the states, so far we've got a market that is moving higher, 0.4% firmer is the early picture. the german market has been strong today. you're seeing selling across on the periphery. you can see the state of play. you can see the xetra dox nax n 0.6% higher. it is gaining pace through wrought
account deficits even when commodity prices were at their peak. and it's pretty clear that chinese growth is growing. it shifted away from the heavy commodities driven industries. there's a lot of investment over the last couple of years, pushing up gdp, and they're all looking to find a way to replace the stimulus that they've had from that commodities sector, from its growth, and that's going to be hard to find. weakening the currency is the most obvious path to follow and they're all doing...
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Dec 10, 2013
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we have budget deficits that have improved but they have not disappeared and we have deficits in education and innovation and infrastructure that continue to widen. we know we need comprehensive tax reform, comprehensive immigration reform. there is a lot more for congress to do. so this deal doesn't solve all of our problems but i think it is an important step in helping to heal some of the wounds here in congress, to rebuild some trust and show that we can do something without a crisis right around the corner. and dom on straight the value in making our government work for the people we represent. so when all of this is done, i am very proud to stand with chairman ryan or anyone else who wants to work on this bipartisan foundation to continue addressing our nation's challenges. nothing is easy here but i know the american people expect nothing less. i want to take a minute to especially change chairman ryan. he and i do have some major differences. we cheer for a different football team. clearly. we catch different fish. we have some differences on policies. but we agree that our country
we have budget deficits that have improved but they have not disappeared and we have deficits in education and innovation and infrastructure that continue to widen. we know we need comprehensive tax reform, comprehensive immigration reform. there is a lot more for congress to do. so this deal doesn't solve all of our problems but i think it is an important step in helping to heal some of the wounds here in congress, to rebuild some trust and show that we can do something without a crisis right...
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and these deficits have to be paid to pay these deficits with cuts in the public spending were necessary. expenses hits were social expenses unfortunately. in doing that we cut spending including social spending and that obviously had a negative effect on health education and social housing report obviously. this took place at a time when that sure was in power in the u.k. and reagan in the u.s. . it was really the law of the markets. and so the economists of the i.m.f. the world bank and in a lot of other countries even bilateral cooperation said allow real prices to rule and all problems will be solved. i think that by doing that we did a lot of harm mainly because we didn't know ways to understand the economic policy of these countries. once the structural adjustments were imposed by creditors namely the world bank and i.m.f. it was like hell on earth here. at the hospital everything had become. consultations you have to pay to see the doctor to get more syringe is more. i mean it was hell people often died from curable diseases. and people in poor health who have no access to health
and these deficits have to be paid to pay these deficits with cuts in the public spending were necessary. expenses hits were social expenses unfortunately. in doing that we cut spending including social spending and that obviously had a negative effect on health education and social housing report obviously. this took place at a time when that sure was in power in the u.k. and reagan in the u.s. . it was really the law of the markets. and so the economists of the i.m.f. the world bank and in a...
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Dec 9, 2013
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the deficit cannot be cured by these big spending programs like health care, etc. and in my opinion, it sounds a lot like -- [inaudible] >> guest: i didn't get that, but -- >> host: all right, let us take a question from twitter. please explain why federal government has co-mingled social security and medicare with general budget funded by different systems. >> guest: well, social security is funded by a payroll tax, and part of ped care is funded by the payroll tax. the money is accounted for separately, but it is all part of the federal government. social security is, after all, a federal government program. the tax is a federal tax, and the benefits come out of the treasury. so, you know, it is important to account for it separately since we have a dedicated payroll tax for that purpose. but it is, you're, ideally -- you know, ideally we should be balancing the -- balance the budget at the moment, but ideally it would be good if we could say social security was completely off budget. and technically speaking, it is off budget. but as i said, it's money that come
the deficit cannot be cured by these big spending programs like health care, etc. and in my opinion, it sounds a lot like -- [inaudible] >> guest: i didn't get that, but -- >> host: all right, let us take a question from twitter. please explain why federal government has co-mingled social security and medicare with general budget funded by different systems. >> guest: well, social security is funded by a payroll tax, and part of ped care is funded by the payroll tax. the money...
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Dec 10, 2013
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i'm getting more deficit reduction. so the deficit will go down more by passing this than if we did nothing. that's point number one. point number two, there are no tax increases here. point number three, we're finally starting to deal with auto pilot spending. that mandatory spending that has not been addressed by congress for years. this isn't easy. this is the first divided government budget agreement since 1986. the reason why we haven't done a budget agreement when both houses were controlled by other parties since 1986 is because it's not easy to do. we're not going to get everything that we want and she's not going to get everything that she wants. >> what if they reject it. >> i think we'll pass there though the house. we'll go first given our schedules. we'll post this on our website this evening and we intend to bring it to the house floor later this week. i have every reason to expect great support from our caucus. we're keeping our key principles. no one here had to sacrifice their core principles. our princ
i'm getting more deficit reduction. so the deficit will go down more by passing this than if we did nothing. that's point number one. point number two, there are no tax increases here. point number three, we're finally starting to deal with auto pilot spending. that mandatory spending that has not been addressed by congress for years. this isn't easy. this is the first divided government budget agreement since 1986. the reason why we haven't done a budget agreement when both houses were...
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Dec 10, 2013
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trade deficit as bloated. since nafta and wto we've lost over 5 million of our manufacturing jobs from a 40,000 factories gone, and real wages down across the economy. in fact, true honesty, our exports rose to countries we do not have fast-track trade agreements with, actually 38 percent higher than those with which we do. myth number three, every president since roosevelt has said tpa. morning, trick, acronym. tpa also is an acronym for trade promotion authority, a cynical renaming a fast track, but it is also the reciprocal tariff act is called trade promotion the tory. and that is a mechanism president roosevelt had that only pertained to tariffs. the estimate is true, from 1934 the reciprocal tariff act had tariff, proclamation a story, tpa. a totally different thing than what equals fast track. true. a handful of president since nixon have had fast track. for the politics, the question is will this house of representatives give president obama this extraordinary authority to push through the trans pacifi
trade deficit as bloated. since nafta and wto we've lost over 5 million of our manufacturing jobs from a 40,000 factories gone, and real wages down across the economy. in fact, true honesty, our exports rose to countries we do not have fast-track trade agreements with, actually 38 percent higher than those with which we do. myth number three, every president since roosevelt has said tpa. morning, trick, acronym. tpa also is an acronym for trade promotion authority, a cynical renaming a fast...
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it doesn't have a lot of opposition, wouldn't add a dime to the deficit and congress should waste no time in enacting get. ashley: the problem is congress is embroiled in these budget battles that get pushed back two or three month. could this get lost in the shuffle as they deal with a bigger budget? >> we are hopeful that because this has such strong public support it has bipartisan support which is increasingly rare these days. we are hopeful that congress will take it up but it could get lost in the shuffle. ashley: this is a huge hit economy, any numbers over the last year 700,000 yorker's saved $330 million for this benefit. if they lose, that is money taken out of people's pockets and that has to hurt the economy. >> exactly right. this benefit is also good for businesses. people take transit to work save their employers through this tax benefit $300 million in 2010 alone. and letting just the transit portion of this benefit be cut in half, creates an unlevel playing field. if you are a business where a large number of your employees takes public transit to work you are at a d
it doesn't have a lot of opposition, wouldn't add a dime to the deficit and congress should waste no time in enacting get. ashley: the problem is congress is embroiled in these budget battles that get pushed back two or three month. could this get lost in the shuffle as they deal with a bigger budget? >> we are hopeful that because this has such strong public support it has bipartisan support which is increasingly rare these days. we are hopeful that congress will take it up but it could...
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was one who pulled it was two hundred deficit will for what it was when bush razi zero it went from zero zero under all the way up to one hundred zero under bill clinton yes and during that went from zero flowed way up to four hundred what did he go to under the bush on the obama administration all the way to one point three trillion and by year's sitting in a row that was that was there a limit on what is the hill your number five is going to be you still haven't addressed my bill williams. the republicans not only are doing it but bragging about doing it that they are trying to destroy this president so i don't recall democrats and probably way that's because you have selective memory is like you know what i haven't heard from chris yet so you know what that. i don't know how often your viewers or you actually listen to conservative talk radio or conservative t.v. but we have been very clear that we are opposed to his ideas and not him as an individual but that we oppose things like government takeover of one sixth of our economy we are opposed to a president you know saying i can
was one who pulled it was two hundred deficit will for what it was when bush razi zero it went from zero zero under all the way up to one hundred zero under bill clinton yes and during that went from zero flowed way up to four hundred what did he go to under the bush on the obama administration all the way to one point three trillion and by year's sitting in a row that was that was there a limit on what is the hill your number five is going to be you still haven't addressed my bill williams....
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Dec 10, 2013
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more deficit reduction. so the deficit will go down more by passing this than if we did nothing. that's point number one. point number two, there are no tax increases here. point number three, we're finally starting to deal with autopilot spending. that mandatory spending that has not been addressed by congress for years. this isn't easy. this is the first divided budget agreement since 1986. the reason we haven't done one is because it's not easy to do. so we know we're not going to get everything we want and she's not going to get everything she wants. [ inaudible question ] i think conservatives should vote for it. i expect we will have a healthy vote. i think we will pass this through the house. we're going to go first given our schedules. we will post this on our website this evening and we intend to bring it to the house floor later on this week. i have every reason to expect great support from our caucus because we are keeping our principles. the key here is nobody had to sacrifice their core principles. our principles are don't raise taxes, reduce the deficit. we also hav
more deficit reduction. so the deficit will go down more by passing this than if we did nothing. that's point number one. point number two, there are no tax increases here. point number three, we're finally starting to deal with autopilot spending. that mandatory spending that has not been addressed by congress for years. this isn't easy. this is the first divided budget agreement since 1986. the reason we haven't done one is because it's not easy to do. so we know we're not going to get...
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Dec 7, 2013
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the mandatory spending programs, get a net deficit reduction package. if they can get that's a good deal. >> but they can't. of course you're right about the defense and buck mccann is right. if you look at the line, if you look at the base line, they're up 19% over the next bunch of years out the 2021 or something. 2014 they take another hit. i get that. however from that base it rises about 18 or 19%. that's pretty good. >> the other argument for getting the deal is that these discretionary cuts are written on paper. every congress can undo them. if you start changing the federal retirement program, it sticks. if you start changing aviation fees it sticks. if you change the mandatory programs like farm or spectrum rights they stick. you change the long term as well as the short term. it's worth trying to get a deal. not every deal is acceptable. the parties are very far apart on the big items. so if there's a small deal where you can get enough overlap and get each side to take some bad votes it's worth trying to get it done. >> let me go back to you
the mandatory spending programs, get a net deficit reduction package. if they can get that's a good deal. >> but they can't. of course you're right about the defense and buck mccann is right. if you look at the line, if you look at the base line, they're up 19% over the next bunch of years out the 2021 or something. 2014 they take another hit. i get that. however from that base it rises about 18 or 19%. that's pretty good. >> the other argument for getting the deal is that these...
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none of them want a trade deficit. the country with the largest trade deficit on the planet is america. and this is going to ask american workers to compete with workers in brunei, with workers in vietnam. that just can't happen. and i think this is going to be a bad deal. and there are issues in that deal. what do we do about state-owned enterprises? we're going to compete against a country, company against a country? what are we going to do about currency manipulation? all of these things are in the competitive market. this is a bad deal being negotiated in secret. i'm glad you're exposing it. >> explain where president obama is on this. he has stated that he wants to get fast tracked before the end of the year. >> i don't think we can give them fast track. these kind of trade deals -- let's back up a bit. these are treaties between countries. and a treaty should come to congress. they tried to bypass congress by having so-called fast track. they cut congress right out of the deal. and i want my congress person wheth
none of them want a trade deficit. the country with the largest trade deficit on the planet is america. and this is going to ask american workers to compete with workers in brunei, with workers in vietnam. that just can't happen. and i think this is going to be a bad deal. and there are issues in that deal. what do we do about state-owned enterprises? we're going to compete against a country, company against a country? what are we going to do about currency manipulation? all of these things are...
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and these deficits have to be paid to pay these deficits cuts in the public spending when necessary the first expenses hits were social expenses unfortunately. in doing that we cut spending including social spending and that obviously had a negative effect on health education and social housing report obviously. this took place at a time when that chair was in power in the u.k. and reagan in the us. it was really the law of the markets. and so the economists of the i.m.f. the world bank and in a lot of other countries even bilateral cooperation said allow real prices to rule and all problems will be solved. i think that by doing that we did a lot of harm mainly because we didn't know ways to understand the economic policy of these countries. once the structural adjustments were imposed by creditors namely the world bank and i.m.f. it was like hell on earth here. at the hospital everything had become. consultations you have to pay to see the doctor to get more syringe is more alcohol. i mean it was hell people often died from curable diseases. and people in poor health who have no ac
and these deficits have to be paid to pay these deficits cuts in the public spending when necessary the first expenses hits were social expenses unfortunately. in doing that we cut spending including social spending and that obviously had a negative effect on health education and social housing report obviously. this took place at a time when that chair was in power in the u.k. and reagan in the us. it was really the law of the markets. and so the economists of the i.m.f. the world bank and in...
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Dec 4, 2013
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fiscal deficit. [ applause ] so that's step one towards restoring mobility. making sure our economy is growing faster. step two is making sure we empower more americans with the skills and education they need to compete in a highly competitive global economy. we know that education is the most important predictor of income today. so we launched a race to the top in our schools. we're supporting states that have raised standards for teaching and learning. we're pushing for redesigned high schools that graduate more kids with the technical training and apprenticeships and in-demand high-tech skills that can lead to a good job and a middle-class life. we know it's harder to find a job today without some higher education, so we've helped more students go to college with grants and loans that go farther than before. we've made it more practical to repay those loans and today more students are graduating from college than ever before. we're also pursuing an aggressive strategy to promote innovation that reins in tuition cost. we have a lower cost so young people ar
fiscal deficit. [ applause ] so that's step one towards restoring mobility. making sure our economy is growing faster. step two is making sure we empower more americans with the skills and education they need to compete in a highly competitive global economy. we know that education is the most important predictor of income today. so we launched a race to the top in our schools. we're supporting states that have raised standards for teaching and learning. we're pushing for redesigned high...
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Dec 6, 2013
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$100 million in new savings, it would be a mix of fee revenues and pension cuts to help reduce the deficit, help ease the sequester. from reading the take the journal has, they're pretty close. there's some issues remaining, but it could come as early as next week. we still have people coming in and talking about -- >> you've read that headline before, joe. down to the last most difficult item. >> these are small items, though. we're not trying to do anything. i think both sides, we're agreeing to disagree. this would put us past the next election. we will be through another election to see -- you know, to get another chance to vote on it. >> yeah. >> in wall street news, reports say eddie lampert is facing an exodus to his hedge fund. lampert has reduced the reduction technique before. we should point out that just this morning, the news has become officials. lands' end, that spin-off that we've been talking about from some time for sears holding, it, look like the board needs to make a final stage, but sears holding has filed this registration statement saying it is looking to go ahead a
$100 million in new savings, it would be a mix of fee revenues and pension cuts to help reduce the deficit, help ease the sequester. from reading the take the journal has, they're pretty close. there's some issues remaining, but it could come as early as next week. we still have people coming in and talking about -- >> you've read that headline before, joe. down to the last most difficult item. >> these are small items, though. we're not trying to do anything. i think both sides,...
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a lot of issues, a lot of actors go into what happens from a bilateral trade deficit from one quarter to another quarter. deficit me time, the with korea may have increased colombia and th panama also implemented around the same time have gone up dramatically. goes to the g differential growth rates in the various economies. we're can do is make sure reducing the barriers and the exports have a chance to compete field. vel playing >> get closer to home and talk about congress. here was a bit of a backlash that brewed last week about the trade negotiations. have you anticipated the fight ahead in getting everything approved. >> we've been talking to throughout these negotiations. the -- the formal process called trade promotion authority expired in 2007. that's a process every congress 1974 ery president since have worked on together. it's the process where congress what your xecutive negotiating objectives are, how to look with congress in the procedures and the under which congress will approve or disapprove a trade pac when it's done. the consultation procedures of 2007 trade promot
a lot of issues, a lot of actors go into what happens from a bilateral trade deficit from one quarter to another quarter. deficit me time, the with korea may have increased colombia and th panama also implemented around the same time have gone up dramatically. goes to the g differential growth rates in the various economies. we're can do is make sure reducing the barriers and the exports have a chance to compete field. vel playing >> get closer to home and talk about congress. here was a...
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you want to talk about the deficit. this will not go away. are people actually concerned about high deductibles? >> you certainly have a lot of republicans who will talk about it. there talking about the problems with healthcare.gov and they are also talking about the way the rubber meets the road. the prices that they are paying for premiums that are out there and the deductibles are going up as well. this is another talking point for them. they have criticized the health care law. we will have several members on capitol hill and this is one of the questions they will have to answer. rollout, theo the website is operating better. they will make this point over and over. >> lawmakers actually have a deadline of their own to sign up for the affordable care act. how is that going? >> there is actually a different website. technically, they are members of a small business. that is the congress of the united states. they are operating off of the d.c. exchange. the deadline is december 23. december 9 is the deadline for members of congress underst
you want to talk about the deficit. this will not go away. are people actually concerned about high deductibles? >> you certainly have a lot of republicans who will talk about it. there talking about the problems with healthcare.gov and they are also talking about the way the rubber meets the road. the prices that they are paying for premiums that are out there and the deductibles are going up as well. this is another talking point for them. they have criticized the health care law. we...
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seventy four percent down to twenty eight percent here but the thing is and exploded the deficit it's only happening in luxor is what they have been over twelve percent unemployment rate so we're talking about highly distressed areas wouldn't you like to see tax cuts go at least to those areas where people are hurting the most where unemployment is the highest tax cuts that have not worked so we've got a policy that for thirty two years we've tried over and over and over again every time we try it it makes things worse and you say oh yes let's do more of that in the places where people are hurting the worst seriously what you want you want poor people in the zone's to pay one point three billion dollars more in taxes over the next ten years you don't want to give these people some sort of really mean income taxes. people at our poverty lot of the united states are paying a portion of income taxes and i think that lowering their taxes if. i was doing was corporate shill corporate shill want to own one and then on top of that he has the i when i was talking about assaulting the mandator
seventy four percent down to twenty eight percent here but the thing is and exploded the deficit it's only happening in luxor is what they have been over twelve percent unemployment rate so we're talking about highly distressed areas wouldn't you like to see tax cuts go at least to those areas where people are hurting the most where unemployment is the highest tax cuts that have not worked so we've got a policy that for thirty two years we've tried over and over and over again every time we try...
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we have all budget surplus, i walked in with a budget deficit, i now have a $1.2 billion surplus. we're making our economy the opportunity economy where, you know, if you want to build a business, you can -- and you want to get a job, you come to florida. >> your unemployment rate has dropped quicker than any other state, i know that. and you're now -- >> 6.7 -- >> which is below, we got down to -- >> 7%. >> i don't know, yeah. anyway, you're at 6.7%, were you higher? i would think you'd always be below. >> unemployment went from 3.5% to 11.1%. >> where was the national average? >> 9%. >> never got above -- >> i think it was nine when i came -- >> maybe ten. >> i think it was nine when i came in. in the month of october, we generated private sector jobs, my good friend governor perry, only had 12,000 jobs. >> oh, you two guys go at each other. i see that a lot. that's a great rivalry. almost like a football -- >> he was number one. what do you want to be? i want to be number one. so i go after number one. >> what's the minimum wage? >> it's $7.67. >> is that a way to help with dis
we have all budget surplus, i walked in with a budget deficit, i now have a $1.2 billion surplus. we're making our economy the opportunity economy where, you know, if you want to build a business, you can -- and you want to get a job, you come to florida. >> your unemployment rate has dropped quicker than any other state, i know that. and you're now -- >> 6.7 -- >> which is below, we got down to -- >> 7%. >> i don't know, yeah. anyway, you're at 6.7%, were you...
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george was one who pulled it was two hundred a deficit with flora what it was when bush rocks zero it went from zero zero under all the way up to one hundred zero under bill clinton yes i can dream that went from zero followed way up to four hundred what did it go to under the bush and obama administration all the way to one point three trillion and by and they're sitting in a row that was that was there a limit on what is the hill your number five is going to be you still haven't addressed why billion dollars of the republicans not only are doing it but bragging about doing it that they are trying to destroy this president so i don't recall democrats and probably way that's because you have selective memory is like you know what i haven't heard from chris here so you know what that. i don't know how often your viewers or you actually listen to conservative talk radio or conservative t.v. but we have been very clear that we are opposed to his ideas and not him as an individual but that we oppose things like government takeover of one sixth of our economy we are opposed to a president
george was one who pulled it was two hundred a deficit with flora what it was when bush rocks zero it went from zero zero under all the way up to one hundred zero under bill clinton yes i can dream that went from zero followed way up to four hundred what did it go to under the bush and obama administration all the way to one point three trillion and by and they're sitting in a row that was that was there a limit on what is the hill your number five is going to be you still haven't addressed why...
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much more important than the fiscal deficit, the yearly fiscal deficit in this country which he points out is actually shrchging in his administration john. >> point out, this issue about the young people are disappointed with president and congress. >> part of the obama coalition that got him elected twice is young people, so-called millennials. folks at harvard has a unit that polled these folks. 18 to 25, bad news for the president, festival his approval rating down to 41%. that is a reflection of the population at large but down 11% since just this spring. and john earlier the president did some work to shore up the forecast, the so-called -- shore up the rveght affordable care a% of millennials disapprove of the affordable care act. have no plans to sign up. that's disappointing news. >> the numbers behind inequality could be surprising for many. jonathan betz has a closer look at what the president says is an economic inequality gap. >> simply put the poor are getting poorer and the rich are getting richer. first off, what does this mean? the median income for an american househo
much more important than the fiscal deficit, the yearly fiscal deficit in this country which he points out is actually shrchging in his administration john. >> point out, this issue about the young people are disappointed with president and congress. >> part of the obama coalition that got him elected twice is young people, so-called millennials. folks at harvard has a unit that polled these folks. 18 to 25, bad news for the president, festival his approval rating down to 41%. that...
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Dec 10, 2013
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i'm getting more deficit reduction. so the deficit will go down more than if we did nothing. point number two, there are no tax increases here. point number three, we're finally starting to deal with auto pilot spending, that mandatory spending that has not been addressed by congress for years. look, this isn't easy. this is the first divided government budget agreement since 1986. the reason we haven't done a budget agreement since '86 is because it's not easy to do. so we know we're not going to get everything we want and she's not going to get everything we want. >>> all right. so there you have it. a major, major deal, words you don't often here in washington, d.c. right now. compromise. and as you heard paul ryan say, a step in the right drink, although there will be plenty of conservatives who won't be happy with this deal. there will be some liberals who won't be happy with it as well. it's still got to pass the house of representatives, pass the senate, go to the president for his signature. if it passes, there will not be a government shutdown in january. we'll be ri
i'm getting more deficit reduction. so the deficit will go down more than if we did nothing. point number two, there are no tax increases here. point number three, we're finally starting to deal with auto pilot spending, that mandatory spending that has not been addressed by congress for years. look, this isn't easy. this is the first divided government budget agreement since 1986. the reason we haven't done a budget agreement since '86 is because it's not easy to do. so we know we're not going...
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revenues there were that ten to twenty percent benefit increase would pay for itself and reduce the deficit so ignore it. the so called moderate talking points the solution to our retirement crisis is clear we just need to take a listen to warren's proposal to expand social security and crank it up a few notches but not everyone wants to help seniors and rebuild the economy i'm joined now by but jack burkman g.o.p. strategist and host of behind the curtain jack one of the great pleasure to be with you so always so what's your what's the republican alternative to social security well there's a word for what you're describing with retirement age at age fifty five it's called france it's called italy it's called germany and these models are failing if anything the retirement age should be seventy five years which you surely has this once is arguably the strongest economy on earth average industrial wage in germany's fifty four dollars an hour i guess if you're white you think why are people with all of the wealth in this country why would anyone else has half the poverty rate we do get half th
revenues there were that ten to twenty percent benefit increase would pay for itself and reduce the deficit so ignore it. the so called moderate talking points the solution to our retirement crisis is clear we just need to take a listen to warren's proposal to expand social security and crank it up a few notches but not everyone wants to help seniors and rebuild the economy i'm joined now by but jack burkman g.o.p. strategist and host of behind the curtain jack one of the great pleasure to be...
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Dec 6, 2013
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we have never had anything close to such a sustained job deficit after any recent downturn. it has been said in opposition to an extension that the federal emergency unemployment compensation program was adopted for extraordinary circumstances that are disappearing. no. no. these extraordinary circumstances continue, as indicated in the report issued just this morning by president obama's council of economic advisers. it highlights that the current long-term unemployment rate is at least twice as high as it was at the expiration of every previous extended ui benefit program. the extraordinary circumstances continue. the report also sets out the economic impact of a failure to act. it agrees with cbo and other economists. allowing the federal ui program to expire will cost our economy at least 200,000 jobs next year because of reduced consumer demand. for this congress to ignore the national economic impact would be shortsighted. to ignore the human, the individual human impact would be coldhearted. that is not the better nation -- the better nature of our nation. i trust of
we have never had anything close to such a sustained job deficit after any recent downturn. it has been said in opposition to an extension that the federal emergency unemployment compensation program was adopted for extraordinary circumstances that are disappearing. no. no. these extraordinary circumstances continue, as indicated in the report issued just this morning by president obama's council of economic advisers. it highlights that the current long-term unemployment rate is at least twice...
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Dec 9, 2013
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. >> there is a difference between short-term deficits and long-term deficits. the short-term deficits were largely inherited by barack obama and we need to recognize that some level are understandable and and to make it very clear to try to get the economy growing and to try to bring unemployment down. and then he pivoted this structural deficit and that is what threatens that. >> it is not the debt that's on the balance sheet, but it's what off the balance sheet and he talked about three things. he talked about freezing a portion of discretionary spending, less than 20% of the federal budget for three years, you know, three years are better than one and especially since spending has increased 20% or more over the last two years. >> there are lots of holes in that and they have to put a truck through it and it does provide some constraints that would be there. and thirdly he came out for a fiscal commission and this includes other spending restraints and tax reform that will terminate or revenues and i think it's important that we do it this year and to act bef
. >> there is a difference between short-term deficits and long-term deficits. the short-term deficits were largely inherited by barack obama and we need to recognize that some level are understandable and and to make it very clear to try to get the economy growing and to try to bring unemployment down. and then he pivoted this structural deficit and that is what threatens that. >> it is not the debt that's on the balance sheet, but it's what off the balance sheet and he talked...
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but it wouldn't have much deficit reduction. it would not go after any of the hot button items like social security or medicare, which need to be dealt with over the long-run. it wouldn't close any tax loopholes. those things have proven too partisan for these budget negotiators to tackle. yesterday, in the nfl, the kicker for the denver broncos made a 64-yard field goal. record for the nfl. this is more like a 6-yard field goal. they haven't kicked it yet. i do think they will before congress goes home. it is a minimum achievement for people to cheer about. >> john, it is interesting when you talk about some of the little sticking points here. one is the benefits for the long-term unemployed. that is making up a record percentage of the people in this country who are unemployed. do you get the sense that congress is looking at the jobs report and saying, hey, maybe we shouldn't move the needle on that right now? >> i think that is difficult in part, because when you look at the size of this deal, we are only talking about $90 b
but it wouldn't have much deficit reduction. it would not go after any of the hot button items like social security or medicare, which need to be dealt with over the long-run. it wouldn't close any tax loopholes. those things have proven too partisan for these budget negotiators to tackle. yesterday, in the nfl, the kicker for the denver broncos made a 64-yard field goal. record for the nfl. this is more like a 6-yard field goal. they haven't kicked it yet. i do think they will before congress...
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the program is running a deficit. able toecurity is receive sufficient funding by cashing in the bonds it has in that is anund, but expense to the treasury which has to come up with the money to cover those bond payments into social security. the bottom line is it is part of the federal budget. we have not privatized the system. the money is accounted for separately. the government is not going to default on the money it owes to social security or to the medicare part a trust fund. host: bob is on our line for and dependents. -- for independents. caller: reducing some of the so sex expenses of means testing -- of the social security's of means testing. 50,000, and increasing the social security age by one year. thank you. guest: i think that sounds like a pretty good plan. i would vote for it. i think the long-term problems of social security have to be addressed by some combination of reduced benefits and that does not mean reduced absolute benefits, and new revenue. i think the combination you probably is where thin
the program is running a deficit. able toecurity is receive sufficient funding by cashing in the bonds it has in that is anund, but expense to the treasury which has to come up with the money to cover those bond payments into social security. the bottom line is it is part of the federal budget. we have not privatized the system. the money is accounted for separately. the government is not going to default on the money it owes to social security or to the medicare part a trust fund. host: bob is...